MOSCOW, August 29. /TASS/. Russia’s Energy Ministry has denied statements made by economist Mikhail Zadornov that rupees stuck in accounts might have something to do with the ruble’s weakening. According to a source in the ministry who spoke with TASS, the opinion that problems with conversion of rupees caused the ruble’s weakening is out of touch with reality as oil companies return most of their foreign currency earnings, while delays are not a pervasive problem.

"Oil companies return most foreign currency earnings that come from Russia, irrespective of the currency used for payment. Delays are not systemic. Consequently, statements that problems with the conversion of rupees caused the weakening of the ruble’s exchange rate do not reflect the reality," the source in the Energy Ministry told TASS.

Mikhail Zadornov wrote in his column for the RBC business daily that the fact that Russia could not get rupees to purchase Russian oil back from India could be a factor in the ruble’s weakening. "Russia supplied oil and petroleum products worth $30 bln to India in the first half of the year, whereas our imports from India are estimated at around $6-7 bln per year. We have nothing to purchase in India, though we cannot get those rupees back as the rupee is a nonconvertible currency. $30 bln in half a year is more than the whole current accounts surplus," he said.

The return of currency to the country may become a way to influence the ruble’s exchange rate, according to the economist.